Real Estate Advice
Add Real Value as
Buyer Incentive
Dear Pat,
We’re getting ready to sell our “starter “ townhouse, and of course
we’re aware of the many similar units already on the market. Even
though our place is in above-average condition, we need to stand out
in some way to place us ahead of the pack. What do you think about
offering a splashy buyer’s incentive; say, a new flat screen TV?
---Creative Sellers
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Dear Creative,
I’m glad you’re thinking of ways to help your home stand out before
you enter a competitive market. There is some precedent for
“lifestyle” incentives unrelated to the actual real estate: I recently
read about an unsold multi-million offering in California that now
includes a brand new Mercedes! And I imagine that some buyers might
really respond to a flat-screen TV as a visual aid to help them
picture the good life in your unit. But, before you head down to Best
Buy, please consider that most first-time buyers likely have already
purchased a TV that satisfies them—it’s something they already know
how to do. I’m not saying that a TV would be a poor incentive for
every buyer, Creative; but your odds are better if you stick to “added
value” that actually adds value to the real estate—or at least to the
most commonly included personal property in a transaction.
Thus, for young buyers with the nesting instinct, a Maytag may hold
more charm than a Sony. Remember, a practical buyer may well see an
old set of appliances as a demerit, and calculate the cost of
replacement (usually a high estimate) in determining the relative
value of your home. Take a hard look at your appliances and see
whether they could be updated with something more “splashy.” An
outdated countertop and sink can often be replaced for $1000—less than
most decent sized flat screen TVs—and can add real value to the
property. |
Nothing outdated? OK, let’s say
everything is virtually new in your space. If you
have time before selling, look into the cost of
adding a built-in feature that will please a buyer
and make your home stand out from the rest.
Bookshelves in one of the bedrooms, for example,
can help a buyer see more uses for your space. No
time? Then look for furniture that can make your
home unique: a beautiful wood-paneled room divider
can create a liberating sense of flexibility and
utility.
So think outside the (cable) box, Creative—give
buyers credit for the intelligence to appreciate
the difference between real value and a marketing
stunt. Create added value they can see. Good luck!
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Pat
Rosaves is a full-time real estate
professional living in the Seward -
Longfellow area. She has more than 29
years experience in helping people with
their real estate needs. Questions may be
sent to her at River Realty, 2543 38th
Avenue South, Mpls, MN 55406. Or call her
at 612-724-1314 or email her at Pat@RiverRealty.net |
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